Short Sale Worksheet: Home Destination Helps With Short Sale Applications
To try and concisely explain what a short sale is: A short sale is selling the house for less than is owed to the bank anytime prior to the end of the redemption period. It is a complex process and typically requires an expert to navigate through it successfully.
Jenna Thuening understands that if you are facing a short sale, you need someone who listens carefully and then knows the right solution for your situation. If you are facing selling a property, and particularly if facing a short sale, you need to seek the guidance, knowledge, and enlisted services of an educated, licensed Minnesota real estate agent who is a Certified Distressed Property Expert. You need an expert who will advocate in your best interests and help you find the best solution to your financial crisis. Due to the complexity of short sales, most banks require communications be with a licensed real estate agent or an attorney before processing a short sale. Your options and alternatives vary from year to year, month to month, and sometimes, week to week. As the real esate economy fluxuates, we can expect the US government to do it's best for all of us. The one thing that you should expect to be consistant, is change. Therefore, the homeowner rarely can know the last minute happenings, complicated processes, and opportunities that are necessary to negotiate a short sale.
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How many loans you have on your property. Are there leans involved?
How many short sales are in process at the time, determining how long it will take to get a good offer.
Who the servicers are for your loans.
If the servicers also own your mortgage note.
If there is mortgage insurance the lender took out on your property that adds another party who has to approve the short sale. Time matters. Getting it done right and timely may depend on I\if your listing agent has contacts in the executive department at the servicer or not.
What the BPO on your property comes back at, and how close to the offer price it is.
Additionally, it is of key importance whether or not the buyers agent can maintain the buyer's engagement in the deal long enough.
Whether or not there is a private investor in the mix.
and begin the process of understanding your circumstances better.